Layoffs are an awful reality for some businesses and people. But, if you haven’t been laid off before, you almost certainly know someone who has. According to Challenger Gray & Christmas, the number of job cutbacks disclosed by US firms increased by 106% from December 2019 to January 2020. 

Companies are continually changing, and the economy is always shifting, so layoffs will continue to affect employees in every area.

If you were knocked off guard by a layoff, take this opportunity to consider how you can brace yourself for it in the future. Here are five steps to help you get started.

How to Prepare for a Layoff?

1. Update Your Resume

Presumably, you’ve been keeping your resume up to date on a routine basis. If you haven’t done so already, don’t wait anymore. If the task appears to be too large, split it up into manageable chunks. Remove any obsolete or irrelevant information, and if it seems appropriate for your situation, consider moving your resume to a new format.

2. Research and Network

Begin your research by examining the developments in your field over the last 5 to 10 years. Find out if your field of work is expanding or contracting. If it’s diminishing, you might want to think about changing careers.

Regardless you’re anticipating a layoff, networking is essential. And, although you’re networking on LinkedIn, don’t forget to network in person as well. Engage with leaders in your sector through networks.

3. Know Your Rights

Take a while to learn about your legal rights. This involves looking over the requirements for unemployment benefits in your state, as well as what you need to do to register for, get, and keep those benefits.

However, you should study your employer’s paperwork as well. For example, examine the employee handbook or any other official documentation you received when you started your work.

4. Negotiate 

When you’re laid off, most firms provide a typical redundancy payout. However, there’s no rule stating that you can’t negotiate a better severance payout. Determine what you want to negotiate for before you’re laid off and gather proof to support your request.

5. Don’t Panic

Finally, and this is easier said than done. If you’re anticipating a layoff, don’t fret. It’s terrifying when your life is turned upside down due to circumstances beyond your control and no one knows what will happen next. But take a big breath and remember that the pandemic, like your unemployment, will eventually cease. It is going to get better.

Conclusion

Sometimes layoffs seem to be unavoidable. Other times, there are merely hints of a possible layoff, with no information about how it would affect your work. No one has all the answers, but you can cope and move on after a layoff if you recognize the signs and equip yourself.